Good? No. Available? Yes.
The closest food is Loblaws Marche at QQ & Jarvis.
On the Esplanade between Sherbourne & Jarvis, Bellisimo has reasonable old school pizza. Don't expect fancy anything, but it can be enjoyable as long as you have the appropriate expectations.
For greasy spoon, there's Time Square Fish and Chip on Esplanade just east of Jarvis. I've only ever breakfasted there, so I don't know much about lunch. The food is reasonable, quick, cheap, and well-portioned.
Bellissimo Pizzaria & Ristorante
164 The Espl, Toronto, ON M5G, CA
Time Square Fish Chips Sport Bar
140 The Espl, Toronto, ON M5G, CA
Love the fish & chips at TImes Square! Best I've had in the area. But I mentioned it on here before and was shot down, so I guess it's subjective. I like the small town feel of that place in general. Just don't sit on the wrong bar stool and take some old guy's regular seat because he will sit one stool over and glare at you for your entire meal even though the place is empty. I know this from personal experience!
Bellisimo's pizza didn't do much for me, too heavy with cheapo cheese and toppings and thick crust crust. But the price is right, and a lot of other people like it: maybe it brings back childhood memories or something. They have a decent burger, though, for a hole-in-the-wall (not gourmet or organic or anything like that).
Elvis is right, there's nothing to eat down on Queen's Quay East: maybe in 5 years, but it's a big construction zone right now. Not sure what kind of food or price range you're looking for, but if you walk straight up Sherbourne to where it intersects with King St you'll have a few options: Petit Dejeuner is one reliable bet, and they're open all day so you can eat early. Betty's is good for quick pub grub but is not as fancy. A new outlet of Petite Thuet next door sells excellent gourmet sandwiches and pastries, and they do brunch (but only on weekends, til about 3 I think). Mangi and Bevi is just a bit further east at Ontario for excellent thin crust pizza.
244 King St E, Toronto, ON M5A, CA
Well there are not restaurants that I know off on that particular intersection so your best bet is walk up to Front street or Esplande 5-10 min walk. Do a search for places to eat in St. Lawrence Market (there is a good budget sushi place and some italian options) on Front you have Biff's and Le Papillion which are good options in my opinion.
St. Lawrence Market
92 Front St E, Toronto, ON M5E, CA